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HomeMy WebLinkAbout1492 ar t i • ~ I 1 i ~ ~ 1 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 heroot. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall becorne additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other tertna of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest fray the date of disbursement. at the rate payable from time to time on artatanding principal under the Note rmless payrrtaeat of` interest at such rate would be contrary to applicable law, in which,event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate any aMion hereunder. S. Iw~eetiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower rrolice prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. 9. CowaewrrNioa~ The proceeds of any award or claim for damages, direct or consequential, in carnection with any condemnation or other taking of the Property; or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. , i In the event of a total taking of the Property. the proceeds shall be applied ~to the slims secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and larder i otherwise agree in writing, there shall be applied to the sums sccrrrcd by this Mortgage such proportion of the proaedc as is equal to that proportion which the amarnt of the sums secured by this Mortgage immediately prior to the date of i taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by 1_ender to Borrower that the condemnor oRers to malts an award or settle a claim for damages. Borrower fails to respond to tender within 30 days after the date such notice is i mailed, Lender is authorized to collect and apply the proceeds, at t.errder's option, either to restoration or repair of the ~ Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shag not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Sorrowtr Not Released. Extension of the time for payment or modification of amortizaCron of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall rest operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shah not be .required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forfearawee try Denier Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens a charges by Lender shall not be a waiver of Larder's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rsr~edies CaaiaNrt. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Swcceaas a.d Asrigws Souaid: Joist and Several t.iabitity; Captions. The covenants and agreements herein s. contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender apd Borrower. subject to the provisiais of paragraph 17 hereof. All covenants and agreements of Borrower shalt be joir;j and several. The captions-and headings of the paragraphs of this Mortgage arc for convenience only and are not to tk used to interpret or define the provisans hereof. 14. Notice. Except for any notice required under applicable law to Ire given in another manner. (a) any notice to Borrower ptoovided for in This Mortgage shall bt given by mailing such notice by certified mat addressed to Borrower at the Property Address or at such aher address as Borrower may designate by novice to Tender es provided herein, and (b) any notice to Lender shall lie given by certified mail. return receipt requested. to t.ender's sddress stated herein or to - such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. iS. Uwfftorw Mom; Goverwiw)t Law: SevcrabNNy. This form of mortgage combines uniform covenants for national use and nonuniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property: This Mortgage shall be governed by the law of tlrc jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shat) not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provaion. and to this end the provisions of the Mortgage and the Note arc declared to be severable. lf. ion+ower's Co'y. Borrower shall be furnished a conformed roP)• of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17..Trswter of tfe )rr+u'erty: Asauwrptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or enwmbrance subordinate to this Mortgagt, (b) the creation of a t+urchace money xcurity interest for household appliances, (c) a transfer by device, ~ descent or by operation of law upon the death of a joint tenant or (d) the grant of any kseehdd interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums aecursd by this Mortgage to be immediately due and payable. Lender shall have waived Stich option to accelerate if. prig to the sale or transfer. Lender and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of each person is satafactory to Lender and that the inten~ct payable on the sums securtd by this Mortgage shall bt at such rate ac Lender ~ shall request. if Lender has waived the cetera to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a wrinen aaumption agreement accepted in writing by Lender. Lender shall release Borrower from all obl~jgruions under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekratiorr in- accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 dsys from the date the notice a mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, ~ Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. ~ Nov-UnrtAottut CoveNaNTS. Borrower and Lender further covenant and agree as follows: t lt. Aeedentlow; Remeaia. E~tce*t as rrovWed ~ Nragrapir 17 fared. ~w >serre+rea'a tMeaef eft any ce~ewaN K ag~reeswe¦t et •ecrewes' V tflc Msctgage, iweluaiwa ttre eotreaarMs to pry wfew ins •y swaa seewetl f7' tfla Mortgage. lewder ~ prior>o acceleaaYsw afaB aaafl wotkY to Bomwrer as provNci b MragrapM 14 fer+cet a*eetffiags (1) Ifs fiscal; (21 tfe actlsw n~lrci M ewe coral iaeacf; (3) • tote. wet leas ttraw 30 awya front the Lte tfe works b tWed M 1mn+rer. b wfkf aocf fiscal wart fe e¦rek awi (4) Ifat faihne M ewe satelr Mead ow or felons tfe date spa~lisi V tfe wotice wrW result r ' aetelkralfaw o/ the awrtr aecasrci Dy tlric Mortgage. toreeloasrs by jrraicW proeesdisg ant sale et tfe rr+opcrty. '11re wstk~t , V aloft twtfer bforw •orrswsr of the rigft a rehwlate a~tter accekratiow aria tfe rigft b aaceA i• Ifs ter+eeloNae Noeeeittg E de wow•e:Watce at a detawlt or ~y fifer aefewse of Sorrower to aceekratlow and toreelowrc. N tfe trrracf is wet enretl a ~ or 1letere tfe iMe s'seiBed V Ifs works. Lewder at I.ewders optiow wray deehrc ai of tfe srrwrs ssew+cd b thin Merfgpe b fe itiweiiately iwe awi MyaMe witfowl tarlfer dewnnd and Wray /oreclae tldc Mer~age fy }ikW /neeeiR. Lender Bait be ewtNlett a cefieet fir aaKf poceeairrg s/ ex~eeses of forrclosrrrt. Iwclutliag. bwt wN lf¦riletl ta. etaaewailt ett.xaer's fees. f aattl cab a< ivcrs.~ewtary etririewee, afstrwcb acrd tick repro. 1!. >lortvwa's Rklrl to Relwctate. Notwithstandintt Lenders acceleration of the sums secured by this Mortgage, Borrower shall bave the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time er,QK •~~.0 PlGf ~4~